CoinDCX, a major player in the Indian cryptocurrency exchange scene, has taken a significant leap in expanding the global accessibility of its self-custody wallet, Okto. This move comes as a result of the integration of the renowned on-ramp platform, Transak.
Launched in August 2022, Okto has rapidly evolved into a multichain cryptocurrency wallet. The recent integration with Transak opens up new frontiers, enhancing Okto’s global support. Notably, the integration is now live and accessible to users directly through the Okto platform.
With this strategic integration, Okto has dramatically increased its reach from a modest 60 countries to an impressive 155 jurisdictions. Neeraj Khandelwal, Co-founder of CoinDCX and Okto, highlighted the significant expansion made possible by Transak.
Transak’s integration empowers Okto users to purchase cryptocurrencies, including Bitcoin, seamlessly within the app. This innovative feature supports a wide array of fiat currencies, such as the U.S. dollar, the euro, the Hong Kong dollar, and more.
Breaking New Ground
Transak stands out as the first and only on-ramp solution introduced on Okto. Previously, users were limited to transferring digital currencies from external wallets like MetaMask. This integration eliminates that barrier, enabling users to convert fiat to crypto directly within the Okto app.
While Transak supports around 160 tokens, Okto takes it a step further by allowing users to store over 1,000 tokens across various chains, including Polygon, Fantom, Avalanche, and others. Notably, Okto spokespersons clarify that the wallet accommodates up to 3,000 tokens.
Although the official announcement was made on Oct. 5, the integration process began several months ago, starting in April 2023. The rollout to all customers was completed in mid-September. Users in India had glimpses of the on-ramp solution as early as August 2023 during Okto’s testing phase.
Transak’s Global Impact
Transak, a global Web3 payment and onboarding infrastructure provider, has become a cornerstone in connecting traditional finance with digital assets. Widely adopted by platforms like MetaMask, Coinbase, and PancakeSwap, Transak’s influence continues to grow.
Expanding into TON Ecosystem
In a recent announcement, Transak revealed its integration with The Open Network’s (TON) wallet, Tonkeeper. This marks Transak’s entry into the TON ecosystem, allowing users to buy Toncoin (TON) directly with fiat from over 150 countries.